Genstar Completes Acquisition of NEN Life Science from du Pont.FOSTER CITY, Calif.--(BW HealthWire)--July 2, 1997--Genstar Capital Partners II, LP today announced the purchase of NEN Nen, river, China Nen (nŭn) or Nonni (nôn`nē), river, 740 mi (1,191 km) long, rising in the Yilehuli (Ilkuri) Mts., N Heilongjiang prov. Life Science Products, Inc., from E.I. du Pont de Nemours Du Pont de Ne·mours , Pierre Samuel 1739-1817. French-born economist and politician who took part in negotiations after the American Revolution (1783) and in the acquisition of the Louisiana Territory (1803). & Company for approximately $118 million including an earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. . NEN is a world leader in the manufacture of labeling and detection systems used in basic life science research and had sales in 1996 of $95 million. Genstar also announced that John L. Zabriskie, Ph.D. has been elected chairman, president and chief executive officer of NEN, effective August 1. Zabriskie, formerly chairman and chief executive officer of the Upjohn Up·john , Richard 1802-1878. British-born American architect who was a leader of the Gothic revival. His designs include Trinity Church in New York City (1846). Noun 1. Company and president and chief executive officer of Pharmacia and Upjohn, Inc., is a significant investor in NEN. Zabriskie said "I am delighted to have the opportunity to join NEN which is recognized by researchers the world-over as a true leader in the labeling and detection of important biologically active compounds." He continued, "Now as we enter this new era in our history, I look forward to meeting our customers' expanding needs by augmenting our existing product line with substantially more innovative life science research products." Richard D. Paterson, a managing director of Genstar stated, "We are very pleased to have completed the acquisition on NEN and to have attracted an executive with the proven leadership skills of John Zabriskie to head the organization. NEN is an excellent platform for the future growth generated both internally and through acquisitions." NEN is the third acquisition by Genstar during the past fifteen months. Based in Foster City, Calif., Genstar is a private equity fund which invests in manufacturing and service businesses in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . NEN's principal products include both radioisotopic and non-radioisotopic biochemicals as well as complete labeling and detection systems. NEN's products are used in the sequencing of DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. , crucial to today's life sciences research, and by the pharmaceutical industry for the discovery of new drugs and diagnostic tools. Since 1956, NEN has provided scientists and technicians in the pharmaceutical, biotechnology and academic research communities with high quality innovative solutions to their research needs. CONTACT: Genstar Capital Flora Flora, in Roman religion, goddess of flowers and fertility. Her festival, the Floralia, Apr. 28–May 1, was celebrated with great gaiety and licentiousness. Gee, 415/286-2350 |
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